After months of rumour and speculation that first cropped up during the 'PSP in Education' initiative - which saw SCEE managing director Ray Maguire calling the current version of the PSP the "first iteration" of the hardware - Sony has finally confirmed in its E3 Media & Business Summit press conference that a new model of the handheld is on the way.

The re-designed PSP will be 33 percent lighter, 19 percent slimmer, with a more efficient battery and faster loading times, explained Sony Computer Entertainment president Kaz Hirai. It will also house the ability to output high-quality video, meaning that movies, photos, games and all other PSP applications can be viewed on external displays.

Launching in two coloured varieties - standard "piano black" and "ice silver" - the console will be sold in two bundles. The PSP entertainment pack for North America includes the silver model, a copy of Ratchet & Clank: Size Matters, a 1GB Memory Stick Duo, and a Family Guy collection UMD. The second is the new Star Wars Battlefront PSP back, which will include Star Wars: Battlefront Renegade Squadron and a special Star Wars PSP. Both will retail at $199.99 USD.

No specific release date has been set, but America can expect to receive the new PSP this coming September.